Recurrent political instability in Guatemala and weak government institutions are impeding economic growth, which is also holding back the growth of BI's credit portfolio. The bank's asset quality ratios slightly weakened; however, we still consider current ratios to be manageable for the bank. We are affirming our 'BB-' long and 'B' short-term ratings on the Guatemala-based universal bank. The stable outlook on Banco Industrial reflects that on Guatemala and it also reflects our belief that the entity will maintain its financial and operating performance according to our base-case expectations. On Dec. 11, 2017, S&P Global Ratings affirmed its 'BB-' long- and 'B' short-term global scale issuer credit ratings (ICRs) on Banco Industrial S.A. (BI). The stand-alone credit profile (SACP) is
